Leading Blood Storage Innovator Expanded Series A Round to Accommodate Interest from Noted Private Investors
Transformative Technology CE Marked for Sale in European Markets in April 2021; Company Will Submit for FDA Authorization Later This Year
Hemanext Inc., a leading innovator in blood processing and storage technology, today announced that it has successfully closed its Series A fundraising round, raising $15m from both existing and new investors. The company has now raised more than $100 million since its founding.
Major global investors in this round include Omega Family Office, Antaeus Enterprises, Inc., The Testa Family Office, Grabe Family Office, The Eduardo Avayu Family Office, and Stephen Eckert, President, The Classic Group, along with investors from other top global family offices, private equity firms, investment banks, and law firms. To accommodate continuing strong investor interest, the company may accept up to an additional $15m in the current round.
"Hemanext is leading a ground-breaking initiative aiming to improve the quality of red blood cells, a critical element of modern medicine, and one of the largest markets in healthcare," said Martin Cannon, Co-Founder and CEO of Hemanext. "We are gratified by the tremendous response we have received from leading private investors in the U.S. and Europe who believe in the potential of our cutting-edge technology which has the potential to improve outcomes for millions of patients worldwide. Our rollout in Europe following receipt of CE Mark certification continues on track, and I am very grateful to our Board, investors, advisors, and, of course, to the extraordinarily talented engineers and physicians driving our progress."
The Potential to Revolutionize Blood Processing and Storage The processing and storage of blood for transfusion is fundamental to healthcare, and over 90 million units of red blood cells are transfused worldwide annually.
The innovative Hemanext ONE® RBC Processing and Storage System is a medical device designed to process and store eligible Red Blood Cells [see below for specific CE Marking intended purpose]. The company's aim is to significantly improve the quality of stored red blood cell (RBCs) by limiting oxygen and carbon dioxide levels in the storage environment. Preclinical data has shown that this medical device can maintain RBCs at or below 20% oxygen saturation for up 42 days2, thereby creating hypoxic RBCs.
Clinicians believe that limiting oxygen—the main driver of RBC damage—could have a meaningful impact on healthcare outcomes for the 4-5 million American patients transfused annually3. The Hemanext technology has the potential to revolutionize how blood centers approach RBC processing and storage while simultaneously alleviating shortages in the global blood supply.
Hemanext strives to provide blood centers with a technology that fosters a decrease in RBC transfusion frequency and a reduction in volume by up to 50%, as shown in preclinical data.4 This reduction has potential to limit associated side effects and the need for therapies to treat them.
Hypoxic blood has the potential to benefit millions of patients with chronic conditions requiring ongoing blood transfusions, including thalassemia, sickle cell disease (SCD), and myelodysplastic syndromes (MDS), as well as patients needing massive transfusions during surgery, trauma, and other medical procedures.
Product CE marked for Sale in Europe; Preparation has Begun for Q4 FDA Submission On April 13, 2021, Hemanext announced that it had received CE Mark certification for Hemanext ONE, clearing the way for the innovative medical device to be sold in European markets. Studies are underway to measure the impact of hypoxic RBCs on patient outcomes and the potential cost savings.
The company is preparing for a Q4 submission of its FDA application for US market authorization. In the U.S., the Hemanext ONE device remains available for investigational use only.
Series A and B Equity Rounds Hemanext continues to be in discussions with additional potential A round investors, including institutions, who may close investments before the end of the year. The company expects to launch its B round of financing in the first half of 2022.
Sonenshine Fulford Group, a collaboration between Sonenshine Partners in the US and The Fulford Group in the UK, is advising Hemanext in its fund-raising.
About Hemanext Hemanext is a privately held medical technology company based in Lexington, MA that is dedicated to improving the quality, safety, efficacy, and cost of transfusion therapy. The company's research and development efforts center on the study of hypoxically stored red blood cells (RBCs). The company's aim is to significantly improve the quality of stored RBCs by limiting oxygen and carbon dioxide levels in the storage environment.
Since its founding in 2008, Hemanext has envisioned a world with fewer and better transfusions. In its early years, multiple grants from the U.S. National Institutes of Health (NIH) enabled the company to demonstrate the feasibility of hypoxic RBC storage, develop its first prototype system, and conduct in vivo research. To date, the company has raised more than $100 million.
On April 13, 2021, Hemanext announced that it had received CE Mark certification for Hemanext ONE, clearing the way for the medical device to be sold in European markets. In the EU, the system is CE Marked for the processing and storage CPD/ PAGGSM Red Blood Cells, Leukocytes Reduced (LR RBC) that have been prepared and processed with the HEMANEXT ONE system within 24-hours of collection. The HEMANEXT ONE system limits the O2 and CO2 levels in the storage environment. Red Blood Cells Leukocytes Reduced, O2 /CO2 Reduced may be stored for up to 42 days at 1-6°C. HEMANEXT ONE is used for volumes no greater than 350 ml of LR RBC.5
In the United States, the company is preparing for a Q4 submission of its FDA application for U.S. market authorization; the product remains available for investigational use only in the U.S.
Preclinical data show that the medical device can maintain RBCs at or below 20% oxygen saturation for up to 42 days, thereby creating hypoxic RBCs. Clinical studies are underway to measure the impact of hypoxic RBCs on patient outcomes and the potential cost savings.
Visit Hemanext.com to learn more about the Company.